SeQuent Scientific has signed a Letter of Intent (LOI) with Shasun Pharmaceuticals to form a joint venture company (JVC) to develop, manufacture and sell veterinary products inclusive of both API (Active Pharmaceutical Ingredients) and formulations in the global market. Together, SeQuent and Shasun aim to quickly and effectively offer a range of veterinary products globally through the JVC.
In terms of the arrangement proposed in the LOI, SeQuent & Shasun will set up a JVC, into which contributions will be made by both companies by way of transfer of identified assets, contracts and licenses. SeQuent will own 73% of the JVC and Shasun will own the remaining 27% ownership in the JVC. The creation of the JVC is subject to the requisite corporate and statutory approvals, as may be applicable and is expected to operate from Q1 2014. On successful completion of this arrangement, the JVC will emerge as India’s leading provider of animal health solutions.
The joint venture will benefit from SeQuent’s strong expertise in the development and commercialization of animal health care products as well as SeQuent’s strong sales network. SeQuent’s capabilities are complementary to Shaun’s global expertise in the research, development and manufacture of pharmaceutical ingredients. This joint venture brings the companies one step closer to providing highest quality veterinary products and supports their strategy to enter key, fast- growing markets.
